- USD/CNY is currently trading around 6.7967 marks.
- It made intraday high at 6.8029 and low at 6.7952 levels.
- Intraday bias remains bearish for the moment.
- A sustained close above 6.8029 marks will test key resistances at 6.8116, 6.8298, 6.8354, 6.8671, 6.8882, 6.8942, 6.9010 marks 6.9080 marks respectively.
- Alternatively, a daily close below 6.8029 will drag the parity down towards key supports at 6.7839, 6.7769, 6.7626, 6.7520 and 6.7436 marks respectively.
- PBOC sets yuan mid-point at 6.7934/ dlr vs last close 6.8046.
We prefer to take short position in USD/CNY around 6.7975, stop loss 6.8298 and target of 6.7520.
